Shares of The PNC Financial Services Group,
Inc. ( PNC
) set a new 52-week high, touching $70.40 in the second half of the
trading session on May 14. The closing price of this major regional
bank represents a solid year-to-date return of 19.4%. The trading
volume for the session was 3.05 million shares, higher than the
average 2.98 million shares over the last 3 months.FIFTH THIRD BK (FITB): Free Stock Analysis
ReportJPMORGAN CHASE (JPM): Free Stock Analysis
ReportPNC FINL SVC CP (PNC): Free Stock Analysis
ReportSTATE ST CORP (STT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment
Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left given its strong estimate revisions over
the last 30 days and expected year-over-year earnings growth of
6.5% for 2013.
Impressive first-quarter 2013 results -- including an earnings
surprise of 12.1%, year-over-year growth of 6% in revenues and a 2%
decline in non-interest expenses - as well as a strong capital
position were the primary growth drivers for PNC Financial.
On Apr 17, PNC Financial reported its first-quarter earnings per
share of $1.76, significantly exceeding the Zacks Consensus
Estimate of $1.57. Moreover, results beat the earnings per share of
$1.44 recorded in the prior-year quarter.
Better-than-expected results reflected improved top line.
Moreover, lower nonperforming assets and reduced non-interest
expenses were the positives. PNC Financial remains on track to
reduce full-year 2013 non-interest expense from 2012 levels and
realize $700 million in expense savings in 2013.
Moreover, the company has now delivered positive earnings
surprises for 4 straight quarters with an average beat of
Estimate Revisions Show Potency
Over the last 30 days, 17 of the 21 estimates for 2013 have been
revised upward for PNC Financial, lifting the Zacks Consensus
Estimate by 2.0% to $6.68 per share. For 2014, 9 of the 20
estimates moved north, helping the Zacks Consensus Estimate advance
0.7% to $6.89 per share.
Some well performing banks include JPMorgan Chase &
Co. ( JPM
), Fifth Third Bancorp ( FITB ) and
State Street Corporation ( STT ), all of which
carry a Zacks Rank #2 (Buy).